§ 56-3-509 — Separate accounts - Insurance laws applicable - Required provisions of variable life agreements

Except for §§ 56-7-401 , 56-7-2307(2), (7), (10) and (12) , and 56-7-2309 , and except as otherwise provided in this part, all pertinent provisions of the insurance laws of this state apply to separate accounts and agreements issued in connection with the accounts. Any individual variable life insurance agreement delivered or issued for delivery in this state shall contain grace, reinstatement and nonforfeiture provisions appropriate to the agreement. The reserve liability for variable benefits shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.

Legislative History

Acts 1967, ch. 353, § 9; T.C.A., § 56-266; Acts 1970, ch. 493, § 3; T.C.A., § 56-320.